The Renminbi as an Emerging World Currency

Abstract

Although capital controls ensure that worldwide use of China's currency, the Renminbi, has lagged far behind the nation's influence on world markets, China's currency is seeing greatly increased use in cross-border trade as a vehicle currency. This trend accelerated in the aftermath of the global financial crisis amidst successive agreements with neighbouring countries such as Japan and Russia to move away from the dollar in favour of using their own currencies for bilateral trade. Other key steps include the establishment of a full offshore Renminbi market in Hong Kong in 2010 and the September 2013 establishment of the Shanghai free-trade zone. Meanwhile, offshore Renminbi bond issuance not only reached a cumulative total of nearly RMB 400 billion in Hong Kong by the third quarter of 2013 but also was being joined by such new offshore Renminbi bond centres as Singapore, Taiwan and London. It is no longer so farfetched to imagine the greenback being replaced by a new 'redback' standard in the long run.

War impact on the market value of the industrial complex enterprises of Ukraine

“…A separate direction of the war impact research is the study of the reaction of financial markets. The following studies can be noted here: Weidenmier (2002), Willard et al (1996), Burdekin (2006), Ferguson (2006), Frey and Waldenstrom (2004), Pecquet and Thies (2010), Weidenmier and Oosterlinck (2007), and Schneider and Troeger (2006), in which the war impact and changes in the economic activity on stock market indices and various financial instruments are studied using the example of data from the military history of different countries of the world. With the beginning of Russia's military aggression in Ukraine, researchers also began to study the influence of various factors on ensuring economic security in the conditions of war (Shkolnyk et However, the aspect of identifying the war impact on the change in the enterprises market value has not been sufficiently studied.…”